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Kganyago Says It's Not Right Time To Talk About Relaxing Inflation Targets

SOUTH AFRICA
  • SARB Governor Lesetja Kganyago criticised the proposals to relax inflation targets, noting that "the time to take the target higher is not when inflation is higher". The official was referring to an advice by the United Nations Conference on Trade and Development (UNCTAD) to central banks in advanced economies to relax their inflation targets. Furthermore, the Governor called on the setters of administered prices to adjust the pace of their price hikes and make it consistent with the inflation target.
  • Finance Minister Enoch Godongwana said that there is no official proposal on the table to introduce a common BRICS currency, while South Africa's trade relations with the US and the EU are not under threat.
  • Russian President Vladimir Putin said that he skipped the recent BRICS summit in South Africa to avoid causing problems for the host.
  • South Africa's gross reserves edged lower to $61.13bn in September from $62.00bn prior. Net reserves fell to $54.98bn from $55.44bn.

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